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MFSA launches new technological reporting tool for banks

On May 7, 2019 the MFSA has launched a new technological tool intended to significantly change how the Authority processes prudential and financial information submitted by banks. The MFSA has indicated that the new reporting tool will enable data reports received from credit institutions to be automatically processed, validated and subsequently submitted to the European Central Bank within minutes.

This tool will not only improve the Authority’s effectiveness and efficiency in data report processing but also enable credit institutions to actively keep track of their own data submissions and receive feedback from the MFSA and the ECB.

The MFSA has indicated that this project is a part of a wide programme of technological investments which the Authority expects to reach the 12 million Euro mark over the next three years.

For more information on financial services regulation in Malta please contact our financial services team on info@dfadvocates.com.

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